Question

Capital 1.4.2004 RSS. 50,000
Drawing @Rs 1,000 per month at the beginning of every month
Interest on capital at 12% p.a.
Interest on drawings at 6% p. a.
Capital on 31.3.2005 RS 80,000
Calculate profit for the year 2004-2005
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Answer 1

Explanation:

ANSWER

Calculation of interest on drawings:

Number of drawings = 6

Amount of each drawing= 4000

Total drawings= 6*4000

= 24000

Number of months= [Time left after 1st drawing + Time left after last drawing]/2

= [6+1]/2

= 3.5 months

Hence,

Interest on drawings= 24000 * 5/100 * 3.5/12

= 350

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